New York S07876 eliminates the state tax deduction for gambling losses, setting it at zero percent.

New York S07876 amends the state tax law to set the itemized deduction for gambling losses at zero percent of the amount allowed under the Internal Revenue Code. This change takes effect immediately and applies to tax years beginning on or after January 1, 2025.

New York S07876 eliminates the state tax deduction for gambling losses, setting it at zero percent.

New York S07876 amends the state tax law to set the itemized deduction for gambling losses at zero percent of the amount allowed under the Internal Revenue Code. This change takes effect immediately and applies to tax years beginning on or after January 1, 2025.